Public Depositaries Resources

Resources and information for qualified public depositaries

 

Public Deposits and Washington Proportional Net Worth Report

Located on the Reports & Forms page

Application Process to Become a Public Depositary
  • Submit an application letter with certificates of authority.
    • If your financial institution is planning on pledging securities as collateral provide proof of meetings of the directors or loan committees approval to enter into a depositary pledge agreement.
  • The commission will review your application and financial information.
  • The Chair of the commission, under authority delegated by resolution, will approve or deny your application.
Summary of what to expect once approved
  • A Letter approving the financial institutions will be provided to the you by the commission
  • You must designate contacts for reporting and collateral by filling out the proper authorization forms (linked below).
  • You must pledge the required collateral
  • You will be added to online list of public depositaries
  • You may begin accepting public deposits at your Washington branch(es).
  • You must monitor the relevant requirements while holding public deposits, including:
    • Monitoring the PDPC deposit limitations in the monthly and quarterly reports on the PDPC Reports and Forms page.
    • Daily monitoring for any uninsured public deposits to ensure adequate collateralization.
  • You must provide monthly & quarterly reports starting end of the month in which you were approved.

All information can be found within the Laws, Rules, and PDPC resolutions page.

Collateralization Requirements

Collateralization requirements are defined in these three areas:

  • Chapter 39.58 RCW
  • Chapter 389-12 WAC
  • PDPC Resolutions

 See the Laws, Rules, and PDPC Resolutions page for more.

Deposit Limitations Summary
  • A treasurer's deposits may not exceed 100% of a public depositary's net worth (RCW 39.58.130)
  • Aggregate deposits from all treasurers may not exceed 150% of the public depositaries net worth (RCW 39.58.135).
  • Aggregate deposits held by a single public depositary may not exceed 30% of the total aggregate deposits in all public depositaries (RCW 39.58.135).

Complete PDPC deposit limitations are outlined in Chapter 39.58 RCW and Chapter 389-12 WAC

PDPC SAW/TM$ Online Reporting Contact
  • Treasury Management System (TM$) –  SAW/TM$ Online Reporting Contact form
    1. Complete the form, scan and email back to PDPC. You only need to include the changes on the form.
    2. PDPC process and provide the form to the Office of the State Treasurer (OST) IT department.
    3. You will receive an email from the OST IT department with instructions on setting up your SAW account and how to add TM$ as a service.
    4. The OST IT department will then receive notification that this step was completed and begin backend work on your request.
    5. Upon completion you will receive email confirmation the OST IT department.
    6. You should then have access to the SAW/TM$ online reporting system.
SAW/TM$ Link

Click here to access SAW/TM$ or copy and past the following into your browser: https://secureaccess.wa.gov/myAccess/saw/select.do

Collateral/Securities Authorization Contact

Collateral Security Authorization Form

Reporting Calendar
Letter of Credit Beneficiary Information

The commission may also accept as collateral a letter of credit from a federal home loan bank or a federal reserve bank on behalf of a public depositary, naming the commission as beneficiary. The commission acts as the safekeeping agent for letters of credit.

Physical address for Letter of Credit deliveries from FedEx or UPS:

Public Deposit Protection Commission
Office of the State Treasurer
106 11th Ave SW, Suite 1200
Olympia WA 98501

Release or Reduction of Collateral

Collateral is valued at market value and the market value of pledged collateral may not be reduced by withdrawal or substitution except by prior authorization, in writing, by the commission.

If you want a release or partial release of collateral, provide a letter on Bank Letterhead addressed to the PDPC with details about which cusip(s) you are requesting to be released, with the original par figure, signed by an approved collateral contact with the required authority. Scan and email the letter to pdpc@tre.wa.gov.

PDPC reviews the request and collateral levels and issues an approval or denial within 24 hours (usually same day). Your Washington Uninsured Public Deposits and Total Washington Public Deposits must be current (within the prior few days). If approved, PDPC will send a Release Authorization Letter to your trustee and cc you.

PDPC will receive the release confirmation receipt the following day from your trustee and will update the system

Collateral Substitutions

Substitutions resulting in an equal or greater aggregate value do not need PDPC authorization. These substitutions are covered under our Public Deposit Protection Act (chapter 39.58 RCW and chapter 389-12 WAC) and our triparty Depositary Pledge Agreement.

Frequently Asked Questions

Visit our PDPC Frequently Asked Questions page.